Saudi Arabia unable to offset Iran oil

Tehran, Jan 24, (ICANA) – Member of Iran's Majlis Hassan Shabanpour says the EU-engineered embargo on the Islamic Republic's crude oil is “media hype” as the Saudi Arabia cannot offset the loss of Iranian oil in the market.

Wednesday, January 25, 2012 1:43:15 PM

“The country [Saudi Arabia] cannot change the amount of its oil output in short-term. By the way, since Riyadh is [one of] the OPEC [the Organization of Petroleum Exporting Countries] member states, it must follow its policies,” Shabanpour said on Monday.

Shabanpour also warned that if any problem disrupts the process of Iran's oil export, “all the regional states will be entangled” as they will not be able to export their oil in a “calm and secure atmosphere.”

Referring to the EU's decision in stopping the crude oil import from Iran in a six-month period, the lawmaker said, “This shows that they [the EU] are seeking to carry out a psychological maneuver against Iran, otherwise they would have brought the sanction into force so far.”